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Economic laws are:

A. Conditional

B. Moral by nature

C. Predicted

D. Like laws of sports

Correct Answer : A.


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  1. By scarcity the economist means that all goods are scarce relative the peoples:
  2. Average Revenue means:
  3. Economics define technology as:
  4. Marginal revenue from a given output:
  5. MC curve is:
  6. The isoquant approach is based upon:
  7. According to classical approach, utility can be:
  8. When sales tax is imposed on monopolist, its:
  9. Which of the following curves is a rectangular hyperbola?
  10. In the case of an inferior commodity, the income-elasticity of demand is:
  11. Rent is a creation of value, not of wealth who made this observation?
  12. The slope of the iso-cost line (budget line) is determined by:
  13. A maximin strategy:
  14. If the commodity is normal then price effect is:
  15. A country is advised to devalue (reduce external value of) its currency only when its exports face:
  16. A shift in the demand for a product is likely to result from a change in:
  17. Rational economic behavior on the part of the consumer means that he will:
  18. Marginal Utility (MU) curve is always:
  19. Marginal Productivity Theory deals with the theory of:
  20. 7.In an economy based on the price system the decision on what shall be produced is made by:
  21. A monopolist:
  22. To calculate the Economic Profit we must deduct which of the following cost from our total revenues?
  23. A monopolist has control over the price he charges for his product. He will be able to maximize his…
  24. If as a result of a decrease in price, total outlay (expenditures) on a commodity increases, its price-elasticity…
  25. Who first formulated the Marginal Productivity Theory of Distribution?
  26. The slope of isocost line (budget line) shows:
  27. Law of variable proportions is based on the assumption of:
  28. Economics is a:
  29. In substitution effect, we:
  30. The total utility (TU) curve is: